The July oobarometer price index recorded a nominal increase in year-on-year house prices of 1%. "The latest oobarometer shows a slight improvement in year-on-year house prices for the second time in two months," says Saul Geffen, chief executive of ooba.
The June oobarometer price index recorded a nominal increase in year-on-year house prices of 1.2%. "The latest oobarometer shows a very slight improvement in year-on-year house prices," says Saul Geffen, chief executive of ooba.
Wizard Financial Services (a member of the ooba group) has concluded an origination agreement with the National Housing Finance Corporation to broaden its offering to all potential home owners.
The May oobarometer price index recorded a marginal drop in the year-on-year houses prices of 0.5%. "The oobarometer continues to reflect declines in year-on-year house prices, but at a slower rate," says Saul Geffen, chief executive of ooba.
Over the last ten years ooba (formerly MortgageSA) has facilitated over R155 billion in home loans and placed well over 300 000 South African families into their new homes, leading the mortgage origination industry it pioneered in 1999.
Properties are languishing on the market as buyers remain cautious - but there are things sellers can do to get the best possible price according to SA's largest mortgage originator. Careen Mckinon, Provincial Sales Manager Western Cape at ooba, said home sellers have to be ultra savvy these days. Here are ooba's top tips to make your home as appealing as possible without breaking the bank.
ooba (formerly MortgageSA) welcomed today's interest rate cut of 1% announced today by the South African Reserve Bank. The latest 1% cut in interest rates will save home owners an additional R710 a month on a R1m home loan over a 20 year period.
Selling your property, especially in the current property slump, may seem impossible, but property owners can increase their chances by avoiding common home selling mistakes says Jenny Rushin, Provincial Property Finance Manager for ooba (formerly MortgageSA).
Aside from the countless hours of hassle dealing with paper work South African mortgage originators have saved home buyers an estimated R7.35bn a year in interest charges through the negotiation of lower financing costs.
Survey reveals that 50% South Africans think property will continue its downward trend until end of 2009 and ooba forecasts that property market will begin to actively recover early 2010. 43% people have cut back on luxuries and dinners out to keep up with bond payments.
Each day another headline tells us just how bad the property market is, but loads of savvy investors are piling in and picking up bargains in this period of weakness. So how do you find a property bargain?
According to South Africa's biggest mortgage originator, the transfer duty threshold should be bumped up to R1m rand in this year's budget to make home buying easier for thousands of South Africans that have effectively been shut out of the market because of banks' stringent lending criteria.